Treace Medical Concepts to Acquire Technology Enabling Patient Specific Instrumentation for Foot and Ankle Surgeries
01 Juin 2023 - 10:15PM
Treace Medical Concepts, Inc. (“Treace” or the “Company”)
(NasdaqGS: TMCI), a medical technology company driving a
fundamental shift in the surgical treatment of hallux valgus
(commonly known as bunions), today announced that it has signed an
asset purchase agreement to acquire certain assets of MIOS
Marketing, LLC d/b/a RedPoint Medical3D (“RPM-3D”), a medical
technology company offering pre-operative planning and
patient-specific guides designed to deliver accurate surgical
correction of deformities customized to the patient’s unique foot
anatomy, for a purchase price of $20 million in an upfront cash
payment, with up to $10 million in potential milestone payments.
Using patient CT scan data, RPM-3D applies
innovative software technologies to develop a three-dimensional
(3D) pre-operative plan for correcting the patient’s deformity and
produce a 3D-printed, patient-specific cut guide designed to
efficiently make accurate, corrective cuts. RPM-3D software and
systems will be integrated with the Company’s instrumentation and
implant systems in 2023, with commercial introduction of
patient-specific products expected in the second half of
2024.
“We believe there are excellent synergies with
RPM-3D’s FDA cleared technologies and our Lapiplasty® and
Adductoplasty® procedures that strengthen our market leadership and
accelerate our competitive differentiation, as we advance our
mission to improve surgical outcomes for patients suffering from
bunion and related midfoot deformities,” said John T. Treace, CEO,
Founder and Board Member of Treace. “RPM-3D’s 22 patent
applications further expand and reinforce our market leading global
IP portfolio covering technologies for the correction of bunion and
related deformities. In addition, the RPM-3D purchase builds upon
our acceleration in R&D initiatives that we announced in early
2022. These targeted R&D efforts are delivering an expanding
portfolio of unique, problem-solving technologies for our customers
and marketed through our direct, bunion-focused sales force,” Mr.
Treace concluded.
This announcement follows the Company’s recently
launched Adductoplasty® Midfoot Correction System, SpeedRelease™
and TriTome™ Release Instruments, and S4A Anatomic Plating Kit; and
its Micro-Lapiplasty™ Minimally Invasive System and SpeedPlate™
Rapid Compression Implant System, which are expected for full
commercial release in late 2023.
For additional information on RPM-3D and this
transaction, a presentation is available on the Events and
Presentation section of the Company’s investor relations website at
https://investors.treace.com/news-events/events-presentations.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements other than statements of
historical fact are forward-looking statements, including, but not
limited to the Company’s expectations of synergies with RPM-3D’s
technologies, the acceleration of its market leadership and
differentiation in the years ahead, and plans for the development
of technologies and introduction of products. Forward-looking
statements are based on management’s current assumptions and
expectations of future events and trends, which affect or may
affect the Company’s business, strategy, operations or financial
performance, and actual results and other events may differ
materially from those expressed or implied in such statements due
to numerous risks and uncertainties. Forward-looking statements are
inherently subject to risks and uncertainties, some of which cannot
be predicted or quantified. Factors that could cause actual results
or other events to differ materially from those contemplated in
this press release can be found in the Risk Factors section of
Treace’s public filings with the Securities and Exchange Commission
(SEC), including its Annual Report on Form 10-K for the year ended
December 31, 2022, filed with the SEC on March 8, 2023 and its
Quarterly Report on Form 10-Q for the quarter ended March 31, 2023,
filed with the SEC on May 9, 2023. Because forward-looking
statements are inherently subject to risks and uncertainties, you
should not rely on these forward-looking statements as predictions
of future events. These forward-looking statements speak only as of
their date and, except to the extent required by law, the Company
undertakes no obligation to update these statements, whether as a
result of any new information, future developments or
otherwise.
About Treace Medical Concepts
Treace Medical Concepts, Inc. is a medical
technology company with the goal of advancing the standard of care
for the surgical management of bunion and related midfoot
deformities. Bunions are complex 3-dimensional deformities that
originate from an unstable joint in the middle of the foot and
affect approximately 65 million Americans, of which Treace
estimates 1.1 million are annual surgical candidates. Treace has
pioneered and patented the Lapiplasty® 3D Bunion Correction™ System
– a combination of instruments, implants, and surgical methods
designed to surgically correct all 3 planes of the bunion deformity
and secure the unstable joint, addressing the root cause of the
bunion and helping patients get back to their active lifestyles.
Treace expanded its offering with the Adductoplasty® Midfoot
Correction System, designed for reproducible surgical correction of
the midfoot to provide further support to hallux valgus patients.
For more information, please visit www.treace.com.
Contacts:
Treace Medical ConceptsMark L. HairChief
Financial Officermhair@treace.net(904) 373-5940
Investors:
Gilmartin GroupLynn Lewis or Vivian
CervantesIR@treace.net
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